Bebe Stores To Cut Over 50 Jobs

(RTTNews) - bebe stores, inc. (BEBE) said Thursday that it will cut more than 50 jobs, in the design, merchandising, and production areas, as part of a workforce reorganization being implemented as a result of the company's focus on more streamlined lifestyle assortments and increased efficiencies across business functions

The company expects pre-tax costs associated with the move to be about $1.5 million, and anticipates annual cost savings of about $4.8 million.

In addition, Manny Mashouf, Chairman of the Board of bebe, will be re-engaged with the company, working closely with the design and merchandise teams to help guide the initiative.

bebe also announced said that its Board of Directors has authorized a $5 million share repurchase program.

Additionally, the company maintained its first quarter 2016 guidance. As such, the company expects same-store sales to be in the negative mid-single digit range. Gross margin is expected to be lower than the prior year. The net loss per share is expected to be in the high teens.